The world's biggest money manager is planning what could be next year's biggest hedge fund launch.

BlackRock has begun fundraising for its new Credit Alpha Fund, with an initial target of $500 million, Bloomberg News reports. But the firm hopes to eventually garner as much as $3 billion for the vehicle—and could increase its launch size.

The new global long/short fund will be led by BlackRock's head of Americas credit, James Keenan, as chief investment officer. David Trucano will be the new fund's manager.

According to Bloomberg, the Credit Alpha Fund will seek valuation anomalies and mispricings.

BlackRock, which has $4.1 trillion in assets under management—including $103.4 billion in alternatives—began marketing the new fund in October.